INTRODUCTION Contributed by: Nicolas Wehrli, Loyens & Loeff
tricity demand and net-zero commitments. Hydrogen and critical minerals (such as lithium and copper) are emerging as new frontiers for M&A, with growing inter- est from both strategic and financial investors. At the same time, consolidation in oil and gas will persist as companies seek scale and capital discipline, and US oil and LNG production is forecast to rise through 2026. Strategic investments in carbon capture, hydro- gen, and biofuels are also expected to increase. Private equity and institutional investors will continue to deploy significant capital, especially in digital and core infrastructure, as fundraising rebounds and “dry powder” remains high. Partnerships between private equity and strategic investors are likely to become more common, particularly in large-scale digital infra- structure projects such as data centres and fibre net- works. Looking ahead, several developments are expected to shape the market in 2026. The acceleration of AI- driven energy demand, especially from data centres, will have a significant impact on grid investment and modernisation priorities. Growth in hydrogen and bat- tery storage M&A is expected to intensify, as these technologies become increasingly central to the ener- gy transition. At the same time, scrutiny of cross-bor- der deals and foreign investment is likely to increase, reflecting heightened geopolitical sensitivities and resource nationalism. The evolution of ESG stand- ards and reporting requirements will continue, raising the bar for transparency and accountability across the sector. Finally, as digital infrastructure becomes a core asset class, the boundaries between energy, infrastructure, and technology will blur even further, creating new opportunities for innovation and growth.
Overall, the sector’s long-term fundamentals are robust. Proactive portfolio realignment, strategic partnerships, and innovation will be key to capturing opportunities through 2026 and beyond. Staying agile and informed will be essential for success. Conclusion While the global energy and infrastructure M&A land- scape presents significant opportunities, companies and investors must navigate a complex array of chal- lenges. By focusing on sustainability, innovation, and strategic partnerships, market players will be well positioned to capitalise on the emerging trends shap- ing the energy and infrastructure sectors through 2026 and beyond. Looking ahead, success will depend on the ability to adapt quickly to shifting regulatory environments, manage supply chain and inflationary pressures, and integrate ESG considerations into every stage of the deal process. Those who proactively realign their port- folios – divesting carbon-intensive assets, investing in renewables, digital infrastructure, and storage, and leveraging new technologies – will be best placed to unlock value and drive long-term growth. Ultimately, the winners in this evolving market will combine strategic vision with operational discipline, balancing risk and opportunity as they help shape the future of global energy and infrastructure. By embrac- ing these priorities, market participants can help shape the future of the sector, unlock new sources of value, and balance risk and opportunity in an evolv- ing market.
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